Bank Nifty Outlook for 12th Oct

 In the previous session:  

Bank Nifty went up by 81 points then went down by 470 points before closing lower by 380 points on Tuesday.

Bank Nifty made a new lifetime high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March

On 11th Oct:

Bank Nifty triggered our short trade and completed and did almost 250 points. 

For 12th Oct:

Sustaining above 38940 enter for 39075 - 39240 - 39660, SL 38780

Sustaining below 38480 enter for 38350 - 38190 - 37770, SL 38650

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 39590 - 39850 for a move   towards initial long targets of 40560 - 40740. 

Sustaining or closing above 40740 Bank Nifty may move towards next long targets of 41350 - 42000

On the downside:

Bank Nifty has to sustain and close below its immediate support at 38760 - 38500 for a move towards initial short targets of 37800 - 37610. 

Sustaining or closing below 37610 Bank Nifty may move towards next short targets of 37000 - 36340

So far this week Bank Nifty made a low of 38518.30 testing our weekly support zone and today closed at 38712.45

Now in the coming session Bank Nifty has immediate support at 38500 and sustaining below it can move towards its initial weekly short targets of 37800 - 37610, On the upside Bank Nifty has to break and sustain above its immediate resistance at 39320 for a move towards 39590 - 39850.

 

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

Bank Nifty has now made a high of 41840.15 on 15th Sep 2022 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18604.45 on 19th Oct 2021 from the lows of 7511 made on 24th March 2020.

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Disclaimer: These are my personal views and one should do their own research before entering any trades based on them. The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.